Functional DApps Platform Creation
EOS blockchain developers combine existing blockchain solutions and proprietary technologies to create a functional DApps platform.
Scalability Problem Solution
The EOS blockchain development team is creating a blockchain architecture that is potentially scalable to millions of transactions per second, without fees, with fast and easy implementation of decentralized applications.
No transaction fees or “gas’. EOS is free to use.
In the whitepaper, the developers state that EOS will be able to process millions of transactions per second. For comparison, the throughput of the Ethereum network is up to 30 transactions.
EOS uses the original DPoS (delegated proof-of-stake) consensus algorithm. DPoS is praised for its scalability and low power consumption.
The platform does not require knowledge of unique programming languages. Decentralized applications can be created in C++.
The network management model is a complex structure with the rules of the game prescribed in the Constitution. The relations between the participants are regulated by smart contracts, and disputes are resolved by the special arbitration body EOS Core Arbitration Forum (ECAF).
The creator of EOS is Block.one. The platform’s co-founder is industry veteran and blockchain visionary Dan Larimer (co-founder of Bitshares and Steemit). The platform code is freely available on Github. Community members are free to submit pull requests, but Block.one has the final say.
Third-party outsource EOS development teams create related products, such as wallets, voting tools and plugins. This is often done by the block validators themselves on the EOS network (block producers).
EOS holds the record for ICO – more than $4 billion.The platform’s token sale lasted almost a year – from June 26, 2017 to June 1, 2018.
High expectations were associated with the previous successful projects of the main platform developer Dan Larimer and the declared revolutionary scalability of the platform. Already at the development stage, the EOS blockchain was used by such large industry projects as Bitfinex, Bancor and Everipedia. Before the launch of the mainnet, the EOS token quadrupled in price.
DPoS (Delegated proof-of-stake) is a consensus algorithm first developed by Dan Larimer in 2013 for his BitShares project. This protocol also is referred to as a form of digital democracy.
The difference between DPoS and PoS lies in the division of network participants into block producers and voters. In other words, not all EOS coin holders can be directly involved in the creation of blocks. In order to become a validator, a network participant must fulfill two conditions:
If in PoS the chance of becoming a block validator depends on the number of coins locked in the wallet, then in DPoS this role is played by the votes cast for the block producer by the network participants.
Unlike PoS, the coins used in voting are not locked in the wallet, but they can be freely used. This will reduce the weight of the voter in the next vote. Another difference is the absence of a mandatory minimum amount of coins for voting.
The block creation process in DPoS blockchains is divided into rounds. Each round has the following structure:
While only21 validators are involved in the creation of each new EOS block, many more people want to be involved.
Block producers are chosen by network members, and the weight of each vote depends on the total assets of the voter. A queue is formed from the pool of validators with the largest number of votes, from which validators are selected for the next round of block creation.
The vote can be transferred to another validator at any time. It is also possible to vote for several BPs at the same time, and the votes will have equal power. Loss of user votes takes the validator out of the game. Such a political structure forces validators to refrain from abuse and, according to Larimer’s plan, should make collusion and excessive centralization impossible.
The competition of block producers within the network resembles the political struggle of parties in an electronic democracy. Unlike PoW blockchains, where political weight depends on computing power, EOS validators need to expand and develop the community around the project to increase their own political weight in the face of growing competition.
Traditionally, validators are fixed in the regions as the leading local block producers, which reduces the likelihood of a repetition of centralized mining, which Bitcoin got into. The largest block producer in Eastern Europe is Attic Lab.
In order to exercise your right to vote, you need to download the voting tool from the site of the block producer you trust.